Mo Jalloh, Co-Founder and CEOAll along, blockchain has been considered a disruptor in the financial services sector, a globally distributed general ledger that keeps track of transactions via online “smart contracts.” Today, the principles of blockchain are being applied to various value chains across industries, ensuring that the activity at each point in the chain is chronologically recorded. One such value chain is that of the music industry where independent musicians face challenges in generating value from their music and having it copyrighted. With the intention to solve these predicaments using blockchain, Mo Jalloh and Paolo Gava founded Zimrii Music to transform the music industry’s value chain right from curation to distribution, aiming to reward artists fairly through the application of automated music contracts. “With blockchain, we are helping music artists and bands maximize their talents as well as providing a permanent record of their copyright holdings,” says Mo, Co-founder and CEO, Zimrii Music.
The company is developing an innovative, blockchain-enabled digital music platform, the Zimrii Music Platform that places artists at the center of their music business. Zimrii Music Platform enables musicians to maintain smart contracts and copyright records while offering innovative and engaging ways to connect with their fans. It bestows independent musicians with a unique mechanism to set the copyright terms for their music and receive payment directly through the platform, whenever and wherever their music is sold. “Currently, there isn’t a registry of royalties so we are using the features of blockchain to allow artists to establish themselves and avoid disputes over the authenticity of work,” says Paolo, co-founder and CTO, Zimrii Music. At the same time, a music publishing company that deals with numerous global copyright bodies for their artists can use Zimrii’s platform to record an artist’s songwriting copyright on the blockchain, set the terms of the mechanical copyright, and collect royalty payments in minutes, not months or years.
Using the platform, clients can easily manage and reward other stakeholders involved in curation and distribution of the music. By setting up smart contracts, musicians can determine the terms of payments for various stakeholders.
Paolo Gava, Co-Founder and CTO
Zimrii Platform’s clever, automated contracts ensure that the required payment is made in realtime, each time the music is sold. Further, the platform enables musicians to setup easy-to-manage crowdfunding campaigns and offer innovative gifts to fans to build a loyal following. Using the token aspects of blockchain, Zimrii Platform allows clients to promote themselves, reach their fans, and create a loyal fan base.“We can establish tokens that allow musicians to provide incentives to fans to promote their music. The more a fan promotes a musician, the higher the value of his or her incentives,” says Mo. From the security standpoint, the Zimrii Platform is designed to keep a client’s information and music assets completely secure. Built on government and military grade 256 encryption protocols, the platform ensures complete ease and peace of mind when it comes to a musician’s information and data.
With blockchain, we are helping music artists and bands maximize their talents as well as providing a permanent record of their copyright holdings
With the music industry moving toward streaming, Zimrii Music is set to venture into providing streaming capability that allows artists to determine the cost per stream as opposed to the vendors in the market. In the long run, the company is focusing on applying the principles of blockchain to other digital assets apart from music, such as movie and other IP content that require a good evidence of digital assertion.